LAGOS, Nigeria, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Kaztec Engineering Ltd. (www.kaztec-eng.com), a 100 percent indigenous leader in the fabrication of drilling and production platforms and other specialized structures for the oil and gas industry, today confirmed construction of a new fabrication yard at Snake Island in Lagos is on schedule and the facility is set to begin operation in the coming month. The Snake Island fabrication yard is the centerpiece of Kaztec's bold vision to develop a regional center of excellence providing engineering design, procurement, fabrication, installation and project delivery of oil and gas facilities.
Kaztec is building the Snake Island fabrication yard in partnership with Addax Petroleum Limited. The total cost of the project is estimated at US $350 million. Future plans call for development of a pipe coating and pipe rolling mill to open in 2014 and a dry dock and logistics base projected to be operational in 2015. Overall investment for the entire 3-phase development is anticipated to total more than US $1 billion.
"Our vision is to be the first wholly owned indigenous company in Nigeria to establish a turnkey one-stop-shop to satisfy all the project delivery needs of oil and gas companies doing business in Nigeria and throughout the Gulf of Guinea and West Africa," said Sir Emeka Offor, Executive Chairman of Kaztec Engineering Ltd. "We expect to help international oil and gas companies achieve substantial cost reduction in deepwater developments and accelerate delivery of offshore platforms at reduced cost, while also strengthening Nigeria's position as an oil and gas engineering, procurement and construction management (EPCM) services."
When operational, Kaztec's Snake Island fabrication yard will fabricate topside modules, jackets and other equipment used by international oil companies.
Kaztec, which recently entered into a one year contract with Shell for the EPC Trans-Niger pipeline project worth US $84.5 million, is a subsidiary of the Chrome Group (www.thechromegroup.net), a leading West African oil and gas conglomerate. In addition to the fabrication yard under development, Kaztec owns and operates a number of vessels, including DLB Ekulo Cheyenne which is one of the biggest pipelay and construction barges in the Gulf of Guinea with a lifting capacity of 850 tons.
The Chrome Group, founded in 1994 by Sir Emeka Offor, is one of Nigeria's leading indigenous multinational businesses with subsidiaries operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.
About Kaztec Engineering Limited
Kaztec Engineering Limited is fast becoming a leader in the fabrication of drilling and production platforms, as well as other specialized structures in the oil and gas industry. The company is equipped to provide turnkey onshore and offshore fabrication and installation services. Its core capabilities include engineering, procurement, construction, installation and commissioning of offshore and onshore oil and gas facilities for the oil and gas industry in West Africa. Kaztec values cultural individuality, a work ethic bound by quality, employee safety, and a strong focus on its clientele. Kaztec's corporate headquarters is in Abuja, Nigeria. The company is a subsidiary of the Chrome Group, one of Nigeria's leading indigenous conglomerates with companies operating in oil and gas exploration and production, oil and gas servicing, engineering, insurance, logistics and power industries.